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Exam 28: Unemployment and Its Natural Rate

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Question 21

True/False

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Within the U.S. population, teenagers (ages 16-19) have lower rates of labor-force participation than adults of prime working age (ages 25-54), regardless of race or gender.

A) True
B) False

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Question 22

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From time to time, the demand for workers has risen in one region of the United States and fallen in another. This illustrates

A) frictional unemployment created by efficiency wages.
B) structural unemployment created by efficiency wages.
C) frictional unemployment created by sectoral shifts.
D) structural unemployment created by sectoral shifts.

E) None of the above
F) B) and C)

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Question 23

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Today, unions play a larger role in Europe than they do in the U.S.

Why might a favorable change in the economy, such as technological improvement or a decrease in the price of imported oil, be associated with an increase in frictional unemployment?

Some people who are employed or who are not making serious effort to find employment will report themselves as unemployed. Some people who want to find work will be counted as out of the labor force.

One reason economies always experience some unemployment is job search.

Suppose that some country had an adult population of about 46 million, a labor-force participation rate of 75 percent, and an unemployment rate of 8 percent. How many people were employed?

Minimum wage laws help explain the natural rate of unemployment if they create a surplus in any labor market.

Table 28-4 2010 Labor Data for Adults (ages 16 and older) in Meditor -Refer to Table 28-4. What is the adult female labor-force participation rate in Meditor?

Changes in the products for which a nation has a comparative advantage create sectoral shocks leading to an increase in frictional unemployment.

Michael decides to hire some additional workers for his roofing company. The equilibrium wage is $17 per hour. Efficiency wage theory suggests that it is reasonable for Michael to offer

Table 28-4 2010 Labor Data for Adults (ages 16 and older) in Meditor -Refer to Table 28-4. What is the adult female population in Meditor?

Which of the following is correct?

If all workers and all jobs were the same such that all workers were equally well suited for all jobs, then there would be no frictional unemployment.

Suppose that some country had an adult population of about 25 million, a labor-force participation rate of 60 percent, and an unemployment rate of 6 percent. How many people were unemployed?

Meredith is looking for work as a computer programmer. Although her prospects are good, she has not yet taken a job. Julie is looking for work in a steel mill. Every time she shows up for an interview, there are more people looking for work than there are openings. Someone waiting in line with her tells her it has been that way for a long time.

Unemployment insurance is designed to offer workers full protection against job loss.

A union is a type of cartel.

Sandy has graduated from college and is devoting her time to searching for a job. She has seen plenty of openings but has not yet been offered one that best suits her tastes and skills. Sandy is

Suppose that some country had an adult population of about 25 million, a labor-force participation rate of 60 percent, and an unemployment rate of 6 percent. How many people were employed?